Janus Henderson AAA CLO ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, Janus Henderson AAA CLO ETF held 601 positions with $26.91B in net assets. Its ten largest holdings made up 11.9% of the fund. The JAAA share class costs 0.2% a year. Over the 12 months to May 2026, JAAA returned 5.2%, with dividends reinvested. In 2026 Q3 it added 76 new positions and exited 77.
Janus Henderson AAA CLO ETF seeks capital preservation and current income by seeking to deliver floating-rate exposure to high quality AAA-rated collateralized loan obligations (CLOs).
The fund invests at least 90% of assets in AAA-rated collateralized loan obligations, which are floating- or fixed-rate debt securities backed by portfolios of below-investment-grade corporate loans selected by CLO managers. Portfolio management applies bottom-up analysis of individual CLOs and their managers' investment processes, credit discipline, and track records to select securities expected to offer attractive risk-adjusted returns. The fund concentrates its holdings, limiting any single CLO to 5% of the portfolio and CLOs from a single manager to 15%, which means performance depends materially on the quality of those concentrated positions. The fund may hedge foreign currency exposure and use interest rate swaps to convert fixed-rate CLOs to floating-rate, and limits fixed-rate CLOs to 10% of assets.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Janus Henderson Cash Liquidity Fund LLC | 5.33% | $1.43B | — |
KKR CLO 35 Ltd. 4.88% floating · due 2038-01-20 | 0.93% | $249.13M | — |
AB BSL CLO 1 Ltd. 4.92% floating · due 2038-10-15 | 0.85% | $229.56M | — |
Anchorage Capital CLO 16 Ltd. 4.93% floating · due 2038-01-19 | 0.79% | $212.16M | — |
Anchorage Capital CLO 17 Ltd. 4.90% floating · due 2038-02-15 | 0.77% | $207.23M | — |
Carlyle US CLO Ltd. 4.94% floating · due 2038-10-15 | 0.68% | $181.92M | — |
Regatta XIX Funding Ltd. 4.92% floating · due 2038-10-20 | 0.65% | $175.36M | — |
Carlyle US CLO Ltd. 4.99% floating · due 2038-01-20 | 0.65% | $175.20M | — |
Magnetite XXXII Ltd. 4.82% floating · due 2037-10-15 | 0.65% | $174.82M | — |
Galaxy 35 CLO Ltd. 4.86% floating · due 2038-04-20 | 0.64% | $171.51M | — |
The 200 largest of 601 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 96.66% |
| Cash & short-term | 5.33% |
How it has done
JAAA share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.46%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Janus Henderson AAA CLO ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.20%· JAAA 0.20%
- Portfolio turnover
- 94.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
76 new· the largest 7
77 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 5-10y | 6.5% |
| 10y+ | 93.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 4.0%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 99% |
| Interest rates | 1% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.10 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.12 yr | 73% |
| 10 yr | 0.05 yr | 27% |
| 30 yr | 0.00 yr | 0% |
1 yr and 5 yr are NEGATIVE (-0.02 yr, -0.12 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.42 yr | 10% |
| 5 yr | 2.98 yr | 73% |
| 10 yr | 0.68 yr | 17% |
| 30 yr | 0.01 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.12 | +0.01 | +0.00 | $26.7k | $0 |
| 1 yr | -0.02 | +0.42 | +0.00 | $1.14m | $0 |
| 5 yr | -0.12 | +2.98 | +0.00 | $8.02m | $0 |
| 10 yr | +0.05 | +0.68 | +0.00 | $1.83m | $0 |
| 30 yr | +0.00 | +0.01 | +0.00 | $23.2k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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